Ups the Game on Boring, Low-Interest Savings with Guaranteed Prize Money Every Month and Referral Program so Customers Save and Win with Friends and Family
A majority of Americans are at financial risk and the need for the security of savings is even more evident during this year. PrizePool reimagines savings and creates a new way to incentivize Americans to build a better financial foundation. Launched , the company announced a seed round of $4.25 million led by Accomplice, Bling Capital, Coatue, SciFi VC, and World Innovation Lab, among others.
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PrizePool guarantees a total of $50,000 in real cash prizes every month, and second, our referral program makes saving a social activity — so that you can save and win together.
More than half of Americans do not have the savings to cover an emergency expense of $1000, living paycheck to paycheck with no reserve for ‘what if.’ However, a majority of Americans spend cash on the lottery every week in the hope of a big win. The actual odds of winning with the lottery and scratch cards are very low. Still, people in the United States spent more than $91 billion on lottery tickets in 2019, according to the North American Association of State and Provincial Lotteries.
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“Now more than ever, Americans need to be saving money to protect their future,” said Frank Chien, co-founder and CEO of PrizePool. “But we know that saving can be hard to prioritize, and our goal is to reduce the barrier to saving money by making it fun in two unique ways. First, we guarantee a total of $50,000 in real cash prizes every month, and second, our referral program makes saving a social activity — so that you can save and win together.” Chien and his co-founder, Joe Woo, sold their first company, LearnSprout, to Apple in 2015.
